Module 1

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Feb 20, 2024

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Project Selection in Everyday Live Embry-Riddle Aeronautical University PMGT652 Roderick Capili 3/24/2022 Introduction There are many projects a person encounters during their daily life. The way in which the person goes about executing the project is subject to the person’s experience. Since there is more than one way to get a job done, it can be very unique to the individual when making choices. Such choices, like buying a home or reorganizing the garage, can follow different methods of execution. In the decision making process of buying a home or reorganizing the garage, one must decide whether the qualitative or quantitative approach is the most effective to complete the task. By analyzing the qualitative method of buying a home and quantitative method of reorganizing the garage, I will show how these selection techniques are the best for project success. Qualitative Strategy - Home Buying To start, a qualitative approach in research is the process of collecting, analyzing, and interpreting non- numerical data such that the data can describe qualities or characteristics (Dewitt Wallace Library, 2021). In the example I have a provided of buying a home, I would use such approach to gain insight into many different factors that accompany buying a home. One example would be to survey the neighbor in which the house is located. One can make an argument that numerical data would not correctly survey the neighborhood in terms of one’s perspective of the neighborhood. This would be representative of one person feeling at home in the neighborhood and another person feeling distant and not “homey” feeling. Another example of how buying a home would be a qualitative strategy is the attractiveness of the property to other buyers and renters in the area. All economic activity is driven by demand, so the ability to rent or resell a property is based predominately on how attractive that property is or will be after you renovate to eligible buyers and tenants ( 3 Qualitative Factors To Consider Before Buying Property | Performance Property | Gerald Lucas, n.d.). A third example of how buying a home would be a qualitative strategy is that it provides the quality of an investment property. Because qualitative data is crucial during residential property market analysis, it is used to determine which properties should be compared to yours – normally, when comparing your investment property choices, you want to compare your property to other similar properties in the same area (Mansur, 2017). Quantitative Strategy- Reorganizing the Garage There are other approaches an individual can take when making decisions on home projects. In the example I have provided of reorganizing the garage, a quantitative approach can be taken. By definition, quantitative data is data that can be quantified in such a way that it can be counted or measured, and given a numerical value (Stevens, 2020). In the example I have provided of reorganizing the garage, an individual can use length, width and height of the garage to help make the best decision as far as placement of the items in the garage to maximize the space. Using this approach will correctly detail the exact numerical values an individual would need to know to fully maximum the space in the garage.

Additionally, the quantitative strategic approach in reorganization of the garage can be used to determine the amount of money needed for support equipment to optimize the garage spacing. Collecting monetary data for different support equipment such as racks, tool chests, nails, support beams, etc. can help lead the individual to correctly and accurately analyze which approach is best. By breaking down the costs of such reorganization can further quantify the financial impact. Conclusion Overall, there are many different approaches one can use to successfully complete projects. Using a qualitative or quantitative approach can provide extreme benefits depending on how the individual uses them. In the examples I have provided, a qualitative approach is best for home buying because it allows the individual to accurately judge the property based on non-monetary values. A quantitative approach is best for reorganization of a garage because it allows for the individual to determine the best bang-for-the-buck in terms of return on investment and space optimization. References Dewitt Wallace Library. (2021, March 9). All Guides: Data Module #1: What is Research Data?: Qualitative vs. Quantitative . Macalester.edu. https://libguides.macalester.edu/c.php?g=527786&p=3608639 Mansur, N. (2017, October 6). How Do You Conduct Residential Property Market Analysis ? Investment Property Tips | Mashvisor Real Estate Blog. https://www.mashvisor.com/blog/residential-property-market-analysis/ Stevens, E. (2020, October 23). What is Quantitative Data? Careerfoundry.com. https://careerfoundry.com/en/blog/data-analytics/what-is-quantitative-data/ 3 Qualitative Factors To Consider Before Buying Property | Performance Property | Gerald Lucas. (n.d.). https://performanceproperty.com/3-qualitative-factors-to-consider-before-buying-property/

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